Azerbaijan, Baku, April 7 / Trend /
Middle East crude oils rose for the seventh day as a surge in processing profits boosted demand from refiners, Bloomberg reported.
Oman oil for immediate loading increased 18 cents, or 0.2 percent, to $115.50 a barrel today, according to data compiled by Bloomberg. That's the highest level since August 2008. Dubai for loading in June was up 0.1 percent at $114.97 and Murban crude climbed 0.5 percent to $118.92.
Demand for crude has climbed as refiners ramp up runs to take advantage of rising processing profits. Gasoil's premium to Dubai, a measure of profitability, climbed 36 cents to $22.94 a barrel today, according to data from broker PVM Oil Associates Ltd.
Oman futures for June delivery rose 10 cents to $115.90 a barrel on the Dubai Mercantile Exchange at 5:05 p.m. Singapore time, with 859 contracts traded. The settlement price was set at $115.97 a barrel at 12:30 p.m. Dubai time.
The Brent-Dubai exchange for swaps for May narrowed 14 cents to $7.20 a barrel, according to data from PVM Oil Associates. The exchange for swaps for June narrowed 13 cents to $7.02.